Hamet Watt, co-founder of MoviePass, is moving past the company’s downturn and is now focused on raising capital for a new venture studio aimed at developing and funding startups.
Watt, who launched MoviePass in 2011 with the concept of offering moviegoers unlimited access to theaters for a monthly fee, has been dedicated to Share Ventures. This new company has already attracted nearly $20 million in funding from significant investors, including Alphabet and Amazon. Watt indicated that Share Ventures will concentrate on startups that target the future of work and health longevity.
He believes that the current landscape, shaped by the AI boom and elevated interest rates, presents an opportunity for a unique approach in venture capital. Watt mentioned that Share Ventures plans to create proprietary software in tandem with advanced language models to enhance its operations. “You don’t need large funds, and you can identify opportunities much earlier with less capital,” he explained. This model is advantageous for building new companies from scratch while leveraging cutting-edge tools proactively.
Watt noted that while many venture firms are investing in innovative technologies, they often fail to adopt and utilize them effectively. “Employing novel data and automation in our processes is something we consider to be distinctly beneficial,” he stated.
His interest in health and longevity was piqued by a personal tragedy, as he lost his mother when he was just 25, and she was only 49. “Experiencing that loss at a young age made me more aware of my own mortality,” he shared.
Watt’s past experiences with MoviePass, which he candidly discussed in the documentary “MoviePass, MovieCrash,” have only fueled his determination to innovate. He reflected, “What have I learned, and what am I willing to try now — and potentially fail at, but perhaps succeed?”